The Wills and Estate Lawyers at Weary & Company offer in-depth estate planning for all of our clients. We specialize in probate, will preparation, powers of attorney, personal care directives and estate litigation and we are committed to ensuring the protection of assets and a smooth transition of wealth to future generations.
A Will is your legal record of everything to do with your estate. It is the only document that can determine how, where and to whom your estate is divided. It is one of the most important documents for you to have. Here’s five reasons why:
1) You can determine where your property goes, and to whom
If you die without a Will (intestate), your property will be divided using a formula contained in the Wills and Succession Act. No consideration will be given to your wishes. Depending on the family situation you leave behind, how your property is distributed can change quite drastically.
2) You can determine who manages your estate
Generally, if you die without a Will, your estate is managed by your spouse, and failing that, your child. You may want your estate affairs to be handled by your brother, or a chartered accountant, but without a will, a court will decide for you.
3) You can pass down family heirlooms and collectibles
If you die without a Will, the government could ultimately take over control of your assets and place them in an auction to liquidate them, and distribute the funds in accordance with the statutory formula. Want to help get your grandkids through school? Want to give your son your stamp collection? Without a Will these wishes cannot be fulfilled.
4) You can set provisions on how your estate is distributed
Once someone reaches the age of 18, they are a qualified heir and eligible to receive their share. A Will can be used to determine the timing of how a recipient receives their share. For instance, if you have an 18 year old son, your estate can be paid out in stages based on his age (ie. 10% at age 18, 20% at age 21 and the remainder at age 25). Your executor may also encroach on the monies being held to ensure they are being used to pay for important purposes.
5) Subsequent relationships cause issues
Without a will there is a significant chance your former spouse and kids, if any, will receive a significant share of your estate. A Will is the only way to map out the details of how your estate should be divided amongst your successors.
Find Out More
Interested in learning more about Wills, and how you go about getting one? Give Weary & Company a call today to get started at 780.459.5596.